The Central Bank of Nigeria has announced new cash withdrawal rules that will take effect from January 1, 2026, ending the special approval that previously allowed individuals to withdraw N5 million and companies N10 million once a month. In a circular dated December 2, 2025, the CBN explained that it was updating its cash policies to reflect current realities and to reduce the economy’s dependence on physical cash. The bank said the changes are designed to cut cash management costs, boost security, and reduce the risk of money laundering.
Under the new policy, individuals may withdraw a maximum of N500,000 per week across all channels, while corporate organisations will have a weekly limit of N5 million. Anyone who exceeds these limits will pay extra charges, 3% for individuals and 5% for corporates to be shared between the CBN and the customer’s bank. ATM withdrawals will be restricted to N100,000 per day and N500,000 per week, and these counts will form part of the weekly withdrawal limit. The bank also noted that ATMs can now dispense all currency denominations, while third-party cheque withdrawals remain capped at N100,000.
Banks will now be required to submit monthly reports on all withdrawals above the set limits, as well as on cash deposits. They must also keep separate accounts for processing fees collected from excess withdrawals. The CBN said that government revenue accounts at all levels, as well as accounts of microfinance and primary mortgage banks, will be exempt from the new withdrawal limits. However, exemptions previously granted to embassies, diplomatic missions, and donor agencies have been withdrawn.
The circular also highlighted new guidelines for the agent-banking sector. Point-of-Sale operators may handle no more than N1.2 million daily, while individual customers are limited to N100,000. The CBN said these measures are intended to strengthen financial integrity, prevent misuse, and protect consumers.